[2] The first town formation known in North Norway, Vågar, was situated around the narrow, natural harbor near Kabelvåg, just west of Svolvær.

Atlantic Cod fisheries, particularly during winter months, have remained one of the most important economical foundations for the town.

Other industries which have proved to be valuable resources for Vågan are fish farming (salmon), Secora and Lofotkraft.

The cod and wavy lines both have a tincture of argent which means it is commonly colored white, but if it is made out of metal, then silver is used.

The blue color and the design of the arms symbolize the importance of the sea and fishing for the municipality.

The municipal council (Bystyre) of Svolvær was made up of 29 representatives that were elected to four year terms.

Here is a list of people who have held this position:[21][22] Other than the massive fishing industry, tourism is becoming increasingly important.

Svolvær is also a major transportation hub and favourite starting point for tourists visiting the Lofoten islands.

Boat excursions to nearby Raftsundet strait and its famous branch Trollfjord is also arranged from Svolvær.

[23] Svolvær is located in the Lofoten archipelago on the southern coast of the island of Austvågøya, facing the open sea of the Vestfjorden to the south, and with mountains immediately to the north.

There is a ferry connection from Svolvær to the nearby scenic island of Skrova, which also crosses the Vestfjorden to Skutvik (in Hamarøy Municipality) in the summer.

The Lofast road (European route E10) was officially opened on 1 December 2007, giving Svolvær access to the mainland and Harstad/Narvik Airport, Evenes.